First things first, what is an LLC? LLC stands for Limited Liability Company and these are strictly legal entities set up through the State and are used to protect personal assets. The IRS does not recognize the LLC as an entity, there is no IRS LLC tax form. As an…
For many business owners, the thought of keeping track of all financial transactions and recording them in compliance with the IRS tax rules can be extremely overwhelming – especially on top of all the other responsibilities you have as a business owner. Not only is it crucial to report all…
After 70 years of the same alimony tax rules, the Tax Cuts and Jobs Act (TCJA) brought in the end of an era. Under this law, alimony deduction was eliminated from the tax code beginning January 1, 2019 through 2025. If your divorce was finalized before 2019, the old rules…
Filing for a tax extension can be a huge relief in many circumstances – they allow you an additional 6 months to file your tax return. The only problem with them is, some people are unaware of what they really do and do not do. This extension made to assist…
Renting out a home can be a bit intimidating, at first thought. The cost of home repairs and the gamble of finding tenants can be stressful, but the benefits of income and tax deductions can make it all worth it. Many rental property expenses can be deducted to offset…
Tax season might end April 15th but that doesn’t mean it’s the last day you’ll be dealing with it. The IRS contacts about 10% of taxpayers in the form of a letter or notice in the months following. The majority of these notices will require the taxpayer to take action…
Presently, more than 150 million taxpayers seek the assistance of tax preparation services and this is enough to prove the kind of business it tends to be. Many tax accountants and preparers take advantage of this growing need of people and try to lure them with low rate promises and…
If tax preparation is not your specialty, it is highly advised you don’t do it on your own. Fortunately, a professional tax preparer can be hired to handle your business’ tax preparation. Asking questions is always a great way to get a feel of the person you are hiring as…
The IRS offer in compromise is a program for taxpayers to settle back tax debt for less than the amount owed. This may sound crazy, even scammy, that the IRS will actually settle for less than the amount you owe; however, this really is a legitimate option for certain, qualified…
When looking to outsource their tax preparation, many businesses are still dependent on CPAs or Certified Public Accountants. However, with changing trends and in order to obtain better benefits, Enrolled Agents (EA) are slowly turning to be a popular choice among startups, small businesses and even full-fledged organizations. Let us…
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